In January Joe can talk to other clubs ahead of a free transfer at the end of the season. Cardiff City simply can't afford to let him go on the cheap.
Peter Ridsdale has offered Joe a contract that allows a Premier League move if City fail to make it to the top division at the end of the season.
"My commitment is to do everything I can to get Joe Ledley to sign a new contract and commit to this football club now the transfer window has closed."
Peter Ridsdale, talking to fans in Merthyr on Monday night, continued "Joe is mixed in his emotions. He wants to play Premier League and I don't blame him for that. It's the only place to be and I am desperate to get Cardiff City there.
"I have put to Joe Ledley a four-year contract which probably, as near as damn it, doubles his wages and does have an escape clause if a Premier League club comes in with the right offer.
"If Cardiff City are in the Premier League that clause would be null and void.
"If we weren't in the Premier League that clause would stand.
"We have not had a response from Joe or his advisors yet, but I am told he is happy to talk."